It’s noteworthy that women have been purchasing more homes than men since at least 1981, and they now make up 17% of all households. This trend can be attributed to several factors, such as women’s increased financial independence due to their success in the workforce, marrying and having children later in life, and their ability to network and seek out resources provided by organizations such as the National Association of Women in Real Estate Businesses and the Women’s Council of Realtors. Additionally, changes in society’s attitudes towards gender roles have also contributed to women’s success in the housing market, as women are no longer excluded from the home buying process.
Why Is Homeownership So Important to Women?
The increase in the number of women buying homes has not only affected the housing market but also brought several benefits to these buyers and their households. Homeownership offers numerous advantages, including financial and personal ones. Financially, owning a home has proven to be crucial for building wealth for single women. According to Ksenia Potapov, an economist at First American, housing plays a significant role in this aspect.
“For single women, housing has always made up a large share of total assets. Over the last 30 years, the average single woman’s wealth has increased 88% on an inflation-adjusted basis, from just over $142,000 in 1989 to $267,000 in 2019, and housing has remained the single largest component of their wealth.”
Owning a home not only provides financial stability and independence but can also be a life-changing experience. Additionally, when considering the personal reasons behind the decision to purchase a home, the impact on a person’s life becomes even more evident.
The National Association of Realtors (NAR) has released a report outlining the primary reasons why single women are currently purchasing homes. The chart below highlights these reasons.
Bottom Line
Regardless of one’s gender, homeownership can have a significant impact on their life. If you’re interested in pursuing homeownership, it’s a good idea to start by discussing your goals in the housing market.
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Thu, 30 Mar 2023 01:50:27 +0000
